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AGENCY A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty. HIGH RISE A popular expression for a condominium or apartment building generally higher than six stories. COMMERCIAL PROPERTY A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses. DEALER An IRS designation for a person who regularly buys and sells real property. MONUMENTS Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey. GRANDFATHER CLAUSE Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law. HOUSE RULES Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants. |
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